Euro rose in European trade against dollar away from weeks lows, on track for the first profit in three days before a crucial ECB meeting tomorrow, expected to offer clues on the future of monetary policy in the euro zone.

EUR/USD rose 0.2% to 1.1613, after closing down 0.1% yesterday, the second loss in a row, marking week lows at 1.1585 on profit-taking.

The dollar index fell 0.2% on Wednesday away from week highs at 94.02 against a basket of major rivals.

Investors  are shunning new positions ahead of major central bank meetings in Canada, Japan, and Europe. 

The European Central Bank is convening tomorrow to decide on policies, expected to maintain them mostly unchanged while expressing some clues on the future of monetary policy.

Oil prices lost more than 1% on Wednesday, as the US crude pulled back from its 7-year high, while Brent is headed toward its first daily loss in 4 days, weighed down by a build in US crude inventories, according to the American Petroleum Institute's preliminary data, and ahead of the Energy Information Administration's official report later today.

US crude fell 1.4% to $83.14 a barrel, after opening at $84.34, and hit a high at $84.48, and Brent crude fell 1.0% to $85.16 a barrel, after opening at $86.00, and hit a low at $86.26.

The US crude gained 0.9% yesterday, and Brent crude rose 0.25%, in the third straight daily gain.

The American Petroleum Institute reported in preliminary data that the US crude inventories rose 2.3 million barrels to 434.5 million barrels during the week ending October 22, which is the highest level since the week ending August 20, while analysts forecast a rise by 1.9 million barrels.

The US Energy Information Administration's official data will be released later today, amid forecasts for inventories to rise by 2 million barrels.

US stock indices rose on Tuesday, lifted by a slew of strong earnings results for the third quarter.

Concerns are growing over to the increase in inflationary pressures in many economies, which may require interest rate hikes in the next few months.

The White House announced that US President Joe Biden will be focused on supply chain problems and rising energy prices during the G-20 summit.

To the oil market, WTI crude November futures rose 1.1% or 89 cents, and closed at $84.65 a barrel.

Brent December futures rose  0.5% or 41 cents, and closed at $86.40 a barrel.

As for stocks, Dow Jones rose 0.1% or 15 points, and closed at 35,756, with a day high of 35,893, and a low of 35,734.

S&P 500 rose 0.2% or 8 points to 4,574, after hitting a high of 4,598 and a low of 4,569 points.

Nasdaq rose 0.1% or 9 points to 15,235, with a high of 15,384 and a low of 15,198.

Silver prices fell on Tuesday, as the US dollar rose against most currencies.

Concerns are growing over to the increase in inflationary pressures in many economies, which may require interest rate hikes in the next few months.

The Fed has already hinted that it would reduce its bonds and the pace of asset purchases starting in November.

The White House announced that US President Joe Biden will be focused on supply chain problems and rising energy prices during the G-20 summit.

The dollar index rose against a basket of major currencies by 0.1% to 93.9 points as of 20:02 GMT, after hitting a high of 94.02 points and a low of 93.7 points.

Silver spot prices fell 1.5% to $24.2 an ounce as of 20:02 GMT.